EuSIF: The first green fund was established with the participation of EATE

The establishment of the Business Participation Mutual Fund was completed, with the participation of the Hellenic Development Investment Bank (EATE) and other institutional and private investors from Greece and abroad. This is the first “green” Mutual Fund of Business Participations, in which EATE participates. Called the European Sustainable Investments Fund (Eu.S.I.F.), it has an initial capital of € 50 million, while it is expected that, very soon, the total funds under management will amount to € 70 million.

Eu.S.I.F. is the 100% subsidiary of Sirec Energy S.A., belonging to Messrs. Dionysis Alyssandratos, Evangelos Bardis and Leonidas Vergos. The management team has long experience in Venture Capital (Private Equity) investments, in the management of large and complex construction projects, as well as in investments in the field of renewable energy production, resource saving solution,s and environmental sustainability. This is exactly the investment object of the Eu.S.I.F.

During the last three years, Sirec Energy has matured a number of energy saving projects (smart city applications), electricity infrastructure, recycling (waste, batteries) and production of energy from renewable sources (wind, photovoltaic and hydroelectric).

The Eu.S.I.F. will invest an average of 3-7 million euros per project, while, with leverage, it will be able to implement projects totaling more than 200 million euros.

Commenting on this development, the President of Sirec Energy, Dionysis Alyssandratos stated, among other things, that “the establishment of this Investment Fund (…) comes at a time when investments in environmental sustainability are both necessary and very satisfactorily profitable. It is the first Green AKES in Greece and the participation of EATE with its exceptional overall contribution, was a catalyst to be able to take place “.

On her part, the CEO of EATE, Antigoni Lymperopoulou stated:

It is with great pleasure that we announce today, in the aftermath of EU Green Week 2021, the establishment of the first ‘Green fund’ in which EATE participates through the “Green Greek funds” program. With consistent and steady steps, we continue to support investments in the ecosystem of Greek business, as this is the eighth (8th) in a row Investment Fund established with the participation of EATE.

Already operating are investment schemes “Marathon II”, “Tec Stories” and “Forth Tech” with a focus on technology, “BGW”, “New Energy Partners” and “NGIF” that invest through convertible bonds and “Greek Brands” with targeting mainly Greek companies with an export character. To date, these investment schemes have attracted private capital in excess of € 100 million and are expected to invest over € 300 million in equity. At the same time, in the near future, the establishment of two (2) new Investment Funds in total is complete. under capital management of € 180 million, while it is pointed out that there is a strong interest in the “AccelerateTT” program for the young innovative entrepreneurship.”

The President of EATE Professor Haris Lambropoulos stated:

“The experience to date records and highlights that EATE investment programs have attracted considerable interest from experienced and new management teams, which in turn recommend investment schemes with the participation of private funds from Greece and abroad.

The course of these programs is more than satisfactory, as the market matures and the Greek economy presents extremely important growth prospects. The pace of the proposals and their quality characteristics, verify the joint effort we make in cooperation with the Ministry of Development and Investment to further highlight the contribution of venture capital in the promotion of healthy business, innovation, and extroversion.

We emphasize that investing through venture capital is a complex process, which requires the coordination and alignment of many parameters, since the investor actively participates and assumes significant risk. But they are more relevant than ever, as due to the pandemic there is a significant need to strengthen equity, but also to accelerate the growth of business. In addition, these investments, in addition to bank lending, can be combined with other complementary financial instruments, such as, for example, the “Greece 2.0” recovery fund , investment incentives, European programs, etc., in order to lead to a more efficient implementation of business and investment plans “.